并购支付方式与并购绩效的实证研究——以沪深上市公司为收购目标的经验证据  

An Empirical Study on Method of Payment and Efficiency of Merger and Acquisition——Evidence of Taking Listed Company as a Target in China

作　　者：葛结根[1] 

机构地区：[1]中南财经政法大学经济学院,430073

出　　处：《会计研究》2015年第9期74-80,97,共7页Accounting Research

摘　　要：企业的并购活动需要支付相应的对价,选择并购支付方式是实现企业并购战略目标的手段之一。本文采用财务指标分析法,选取2006-2011年上市公司控制权发生变更的并购事件为样本,对并购支付方式与并购绩效之间的关系进行实证分析。研究发现,以市场为主导的有偿并购的绩效明显好于以政府为主导的无偿并购的绩效。在有偿并购中,现金支付及现金与资产支付组合的绩效较为稳定,资产支付方式的绩效表现为高开低走,而现金与承担债务支付组合的绩效呈现先上升后下降的趋势。进一步研究显示,与现金支付方式相比,关联交易和并购类型是其他支付方式下并购绩效改善的主要影响因素。M&A needs pay a corresponding consideration,choosing appropriate method of payment is a means of achieving its strategic aim. Taking M&A cases of control change of listed companies as samples during 2006- 2011,this paper gives a empirical analysis on the relation between method of payment and efficiency of M&A by the way of financial indexes. We find that the efficiency of paid M&A is distinct better than unpaid M&A. In terms of paid M&A,the efficiency of cash payment and combination payment of cash and asset is very stable,asset payment assumes a tendency of from height to low,and combination payment of cash and debt assumes a tendency of from ascension to descent. Further research shows that related transaction and M&A type are main factors affecting the efficiency of other methods of payment by comparison with cash payment.

关 键 词：上市公司 并购支付方式 并购绩效 

分 类 号：F271[经济管理—企业管理]